Forevermark Aims for 30% Growth in India in 2016
July 25, 16(IDEX Online News) – De Beers’ jewelry brand Forevermark is expecting a 30-percent increase in sales in India, according to an interview with the company’s CEO Stephen Lussier in The Economic Times.
Lussier said that demand in India had grown exponentially; showing a 35-percent increase in 2015, but expectations had been lowered for 2016, partly as a result of the 42-day jewelry strike earlier in the year. Lussier added that the global stability of diamond prices led the company to anticipate a 30-percent sales increase.
The Forevermark CEO said that the company was the primary diamond brand in the country, and would look to expand and deepen the relationship with its jewelry partners. Forevermark’s main focus is on the US, by far the largest diamond market by value in the world.
China is still currently the second largest market, but Lussier said that the time was ripe for India to try and close up the gap, due to slow demand, a sluggish economy and lower consumer demand.